Around 100 inquiries have come from New Zealand, Britain and Asia in the week since the 162-year-old Cardrona Hotel was listed for sale – yet the process has more than a month to run, an owner says.
Cade Thornton said interested parties were invited to register and ask for a copy of the confidential information memorandum.
“Via the submission form on the website, we’ve had around 100 [inquiries],” he said of those responding to advertising.
Most came during the weekend and those applying for the information memorandum must sign a non-disclosure agreement due to details being commercially sensitive.
Thornton had consulted a Christchurch barrister about whether a foreign buyer would need consent.
Thornton said it was his understanding that because Heritage New Zealand Pouhere Taonga had the false front listed as a Category Two Historic Place, consent may be needed.
“But I don’t think it would be a big hurdle,” he said of a foreign application to buy.
The Overseas Investment Office (OIO) said consent would not be required for a foreigner to buy the property.
Having heritage status can mean a property is classified as sensitive.
But because only the fake front is listed, it doesn’t meet the threshold – because it’s too small, at only 759sq m.
“So this is below the area threshold. This is despite the fact that the wider property being sold including other land exceeds the area threshold.”
A foreigner could buy without needing to make an OIO application, it said.
Thornton said that in 2013, he and Alexis Thornton and James and Fleur Jenneson bought the hotel, established in 1863.
It has a global clientele.
“The hotel attracts a mix of local, domestic and international visitors drawn to it’s rustic charm, authentic historic character, excellent food and beautifully maintained expansive beer garden,” advertising for the property says.
No real estate agents were needed to sell the place: “I’m the best salesperson for the hotel after owning it for a long time,” Thornton said.
He said the property is in 10 separate fee simple titles.
He referred to a village-style arrangement of land tenure but could not recall the exact street numbers or addresses.
Most of the property was encompassed by the address 2312 Cardrona Valley Rd, Thornton said.
He refused to give the rating or current market valuation.
The Queenstown Lakes District Council values 2312 Cardrona Valley Rd, RD 2, Wānaka at:
The site at 2312 Cardrona Valley Rd is 2539sq m or a quarter of a hectare, the council rates record showed.
Thornton said interested buyers who want to know about the hotel’s accounts and the amount of money it makes are being referred to a Dunedin accountant, Hayden Yardley of Yardley/Lo.
Around 40 to 50 part-time and fulltime staff are employed at the hotel and the accommodation. The hotel averages 84% occupancy annually and is often fully booked, Thornton said.
The hotel is now advertising for an experienced fulltime sous chef, with three years of experience essential.
Companies Office records show the Cardrona Hotel was incorporated in September 2012 with two directors: Cade John Thornton and James Daniel Jenneson.
A 49.9% stake is held by Cade Thorndon with Alexis Baronian and the Thornton Family Trust’s David Victor.
A further 49.9% is held by David Jenneson and Michael Hitchon.
Cade Thornton and James Jenneson hold the remainder, the record shows.
The hotel advertises itself as being open seven days a week from 8am till “late”.
Expressions of interest for the freehold properties and business sale close on August 15 at 4pm.
Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.